Subjects' decisions in multiple-choice tests constitute an interesting
case of decision making under uncertainty. When a
multiple-choice test is graded with a scoring rule that penalizes for
wrong answers, a single item can be viewed as a lottery. The exam
taker can always omit an item and get a sure reward (typically zero
points) or take the risk of answering and get either a positive reward
with certain probability or a penalty with the complementary
probability.